Franklin, TN Business Insurance

Your Complete Guide to Franklin, TN Business Insurance

Find the right business insurance policy for you.

Business women using a tablet in the office. Compare business insurance.

There are over 550,000 businesses operating in Tennessee, with around 10,000 in Franklin. Finance and healthcare-related businesses are common in Franklin, but the city is home to a diverse group of companies. Franklin business owners need business insurance to protect their assets and their employees. Business insurance is not a single insurance policy; rather, it is a comprehensive set of policies and customized endorsements tailored to the unique risks of every business. Franklin business owners need to understand the unique risks they face, and then work with an independent insurance agent to find the right policies and coverage to protect their assets.

Liability Insurance for Small Businesses in Franklin, TN

If your business were sued for injuring someone because of an error, negligence, or a faulty product, how would you pay for attorney fees, court costs, and any judgments levied against you? Many small businesses would be forced to declare bankruptcy in the face of these kinds of claims. But with liability insurance, you can have the coverage you need to defend yourself, pay the injured party, and continue to focus on your business. A commercial general liability (CGL) policy offers broad protection from lawsuits. It covers your legal costs, medical expenses and other damages for the injured party, and other expenses related to a liability claim against your business.

It’s important to understand that CGL policies typically exclude coverage for certain types of lawsuits and claims. Many businesses need additional liability policies or endorsements that specifically cover other exposures they might have. Ask your insurance agent if you need commercial auto liability coverage, professional liability insurance, or any other types of tailored liability coverage. 


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Cyber Liability Insurance for Franklin Businesses

Almost every business has at least some cyber risks that need to be addressed. There are numerous potential liability exposures that can occur while using, storing, or transferring data electronically for business purposes. Some examples include:

  • Failure to protect personal or corporate information that is stored on computer systems, networks, smartphones, laptops, and even paper files
  • Personal injury claims stemming from your website, blog, or social media accounts
  • Business interruption and loss of income for a client or partner because of a hacker, security breach, or power outage that affects your computer system, network, or website

Any business that handles electronic data is susceptible to cyber threats. Data can be breached in many ways, from stolen laptops and other portable devices to rogue employees, theft of digital assets, human error, and more. 

  • Number of identity theft complaints in Tennessee per year: 4,993
  • Ranked 24th highest for identity theft complaints in the US
  • Only 22% of businesses have a cyber/data breach response plan

If you have a breach of your sensitive data, cyber liability insurance protects your business assets. It will help you pay a variety of related expenses, including defense costs, settlements and judgments, and even public relations costs. Be sure to ask an independent insurance agent about how cyber liability insurance can help you protect your Franklin business. 

Property Insurance for Small Businesses in Franklin

Every Franklin business is at risk for some type of property damage. Severe weather, including tornadoes, high winds, hail, and lightning, can damage or wipe out your business when you least expect it. What’s more, fires, break-ins, and vandalism can cause serious damage and put your ability to operate in jeopardy. 

  • Number of federally declared disasters in Tennessee since 1953: 69
  • Most common reasons for declared disasters in Tennessee: Severe Storms and Floods

Commercial property insurance ensures that Franklin businesses can repair, rebuild, or even relocate if disaster strikes. Property insurance covers your company’s physical assets, including buildings and office space, merchandise, inventory, tools, machinery, computers, office furnishings, and more when physical damage occurs. Just like commercial liability insurance, commercial property insurance doesn’t cover everything in every situation. 

Business owners often need additional coverage for specialized equipment and machines, or for materials, inventory, or tools that are in transit or in use at job sites. Ask your insurance agent about equipment breakdown coverage or inland marine coverage to supplement your commercial property insurance policy. And be sure you discuss how to properly value your business property so you have the right amount of coverage to rebuild after a disaster. 

Business Interruption Insurance for Franklin Businesses

Events like severe storms, tornadoes, and fires can force you to close your business while you make repairs or rebuild your building, warehouse, factory, or other commercial property. Lost income and ongoing expenses during the rebuilding process can be impossible to overcome without the right insurance coverage. Business interruption insurance can be your financial lifeline during this critical period. It protects your earnings if your business is temporarily unable to operate because of physical damage after a covered event. It helps you pay ongoing expenses like rent and employee salaries, and it also reimburses you for lost income and even relocation fees. 


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Workers’ Compensation Insurance for Franklin, TN Businesses

Worker injuries and illnesses are costly for everyone. Employees who are injured on the job often have medical bills to pay and may even have to take time off work while they heal. Keeping your employees safe from work-related injuries and illnesses is important for their long-term health and satisfaction, as well as your company’s financial viability. Workers’ compensation insurance provides insurance coverage for work-related injuries and illnesses. It ensures that the injured worker gets medical care and income protection while unable to work. All Tennessee employers are required to provide workers’ compensation insurance for their employees, with a few exceptions.

  • Employers with fewer than five employees are exempt from Tennessee workers’ compensation laws, except for employers in the construction industry. 
  • Agricultural employers are not required to provide workers’ compensation insurance for their employees, but they may elect to provide it. 
  • It is not mandatory to cover domestic employees, but their employers may elect to purchase workers’ compensation insurance for them. 

Tennessee workers’ compensation insurance may be purchased through a private insurance carrier, or employers may choose to self-insure with state approval. 

Employee Benefits for Small Businesses in Franklin, TN

Employee benefits are an important component of your comprehensive business insurance plan. A good employee benefits plan that includes health insurance, life insurance, vacation and sick time, and more, helps companies attract and retain top employees. What’s more, employee benefits are linked to decreased absenteeism and improved employee morale. 

  • Average amount spent per year on healthcare coverage by Tennessee businesses: $808,055
  • Ranked 25th for highest health insurance premium spending in the US
  • Average annual cost of health care in Tennessee: $5,198/person or $15,214/family

There are many different health and life insurance policy types and options available for you to choose from, as well as numerous laws and regulations that you must comply with. A local independent insurance agent can help you find suitable coverage at a competitive price. 

Why Work with an Independent Agent? 

Shopping for business insurance can be overwhelming, even if you own a small business with a simple business model. That’s why working with an independent insurance agent is the best way to make sure you get all of your questions answered, and you find the best policy for your needs and budget. Local independent agents can get quotes from multiple insurance companies, so you’ll be able to compare coverage and rates and make the best choice. 

Contact a local agent today to get started. 

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